Feeds

Osborne promises to curb deficit in five years

Queen's child benefit frozen

Next gen security for virtualised datacentres

Chancellor George Osborne's emergency Budget today promised to increase tax allowances but also increase VAT in an effort to balance the need for huge cutbacks with protecting the nascent economic recovery.

He promised decisive action to deal with the UK's record deficit, but also to protect the most vulnerable. He said choosing between growth and dealing with the deficit was false.

Osborne promised a fixed target to cut the structural deficit by 2015/2016. Borrowing will fall from over 10 per cent this year to one per cent in 2015.

He noted that one pound in four being spent was borrowed. He warned that questions over sovereign debt were currently putting the recovery at risk.

OBR forecasts of economic growth are 1.2 per cent this year, 2.3 per cent next year and 2.8 per cent in 2012. Consumer Price Inflation will be 2.7 per cent by the end of the year.

There will be no further cuts in capital spending, but projects likely to bring economic benefits will be prioritised. The government will look to sell off student loans, shares in National Air Traffic and the Tote. The Royal Mail's future will also be reviewed.

The Civil List - cash for royals - remains unchanged at £7.9m. ®

Build a business case: developing custom apps

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
Judge nixes HP deal for director amnesty after $8.8bn Autonomy snafu
Lawyers will have to earn their keep the hard way, says court
prev story

Whitepapers

Best practices for enterprise data
Discussing how technology providers have innovated in order to solve new challenges, creating a new framework for enterprise data.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?